Jet Airways to suspend its operations today after lenders reject call for funds

Jet Airways is approaching its final destination as lenders have rejected the emergency funding. This evening, the struggling airline will operate its final flight: unconfirmed sources state that Jet Airways flight 9W2502 from Amritsar to Delhi via Mumbai will be the final flight, operated by a Boeing 737 (VT-SJI).

In an ultimate struggle for survival, the airline looked at the restructuring of its debt and to raise extra money. In vain, because the very important bridging loan never arrived.

Despite the airline states that the decision to suspend operations is only temporary, the hopes for a relaunch are slim. The airline faces huge debts and was forced to return almost its entire fleet after non-payment of leasing agreements.

The full Jet Airways announcement:

Message from the Jet Airways CEO

It is with deep sadness and with a heavy heart that we would like to share with you that, effective immediately, Jet Airways will be suspending all its domestic and international operations.

Late last night we were informed by SBI, on behalf of the consortium of Indian lenders, that they are unable to consider our request for interim funding. Since no emergency funding from the lenders or any other source of funding was forthcoming, it would therefore not have been possible for us to pay for fuel or other critical services to keep the operations going.

Consequently, with immediate effect we are compelled to cancel all our domestic and international flights. This decision has been taken after painstaking evaluation of all alternatives and after receiving guidance and advice on the same from the Board of Directors of Jet Airways.

Over the last several weeks and months we have tried every means possible to seek funding, both interim as well as long term funding, to keep our operations going. Unfortunately, despite the very best of our efforts, we have been left with no other choice today.

A decision like this is never easy to make, but without the interim funding, which we have been repeatedly requesting for, we are simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of our guests, employees, partners and service providers.

After 25 years of sharing the Joy of Flying with Indian and International guests, Jet Airways and its Board of Directors have been forced to take this extreme measure, as prolonged and sustained efforts with lenders and authorities to ensure the sustainability of the airline did not yield the desired results.

But, tomorrow is another day and tomorrow provides us with new hope, new opportunity and new expectations. We know that India is better off with a flying Jet Airways, and so do our potential investors. With a smile on our face and pride in our hearts, we have become the flag-bearer of warm Indian hospitality the world over. We have fueled India’s economic engine enabling business travelers and tourists alike to traverse the world. Families and businesses have grown with Jet Airways and have come to love our people as much as our brand. Even in the toughest of times, we remain committed to putting you first and being committed to our Guest First philosophy.

We will now await the bid finalisation process by SBI and the consortium of Indian Lenders and will continue to support the bid process initiated by the lenders.

For assistance, essential services needed to support our guests and the re-commencement of the flight operations will be kept onboard until further notice.

Guests who are booked on our flights with travel on future dates will be informed via text message email or phone call to the contact details listed in the booking. Guests who are impacted by the temporary suspension of flight operations can click here to request for a refund for their confirmed bookings. In case you have booked through a travel agent, please reach out to your travel agent to process the refund.

We sincerely and profusely apologise for the disruption to your travel plans. We would like to thank you for your continued patronage, support and loyalty over the years.

We are hopeful that we will be able to bring the Joy of Flying back to you soon.